Actuarial Management with Data Science Heriot-Watt University

Overview

Our MSc in Actuarial Management with Data Science will enable you to develop the skills to build and apply such models in an actuarial context.  

These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling.  Combining your choice of these with your development in machine learning skills will prepare you well for the modern world.  You choose the combination that works for you. 

Completing this degree gets you close to qualification as an actuary, with only one or two exams left to complete after leaving university.  It typically speeds up your qualification by one or two years. 

Self-Taught Courses On Enrolment 

On enrolment, you will gain access to the following self-taught courses that you can use (if you wish): 

• Introduction To R Programming 
• Introduction To Python Programming (For R Users) 
• Report Writing 

In addition, enrolment at Heriot-Watt University gives you free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas. 

Studying in Edinburgh 

Edinburgh is a wonderful city close to the sea in Scotland in the United Kingdom.  Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space.  Transport links into the city centre are regular and travel by bus takes thirty minutes – and so you can choose the mix of city and campus life that you like best.  

Edinburgh is the financial heart of Scotland and many such companies are based there.  It is also a centre of arts and culture, with the famous Edinburgh International Festival taking place in August each year. 

It is built on seven hills, and views regularly emerge and surprise as you walk the cobbled streets in the old town, or explore the beautiful sandstone buildings in the new town.  Edinburgh Castle rises high in the centre of Edinburgh and is a big attraction for tourists. 

Access to all other cities in the UK is straightforward, with fast travel to London for instance taking only 4 hours. 

Your Student Experience

Our Expertise

 Your learning will be informed by the expertise of our research-active academics whose work covers four key areas: 

• Modelling techniques for quantifying risk and uncertainty  
• Asset-liability management and investment strategies  
• Enterprise risk management frameworks and applications  
• Pension fund design, financing, and risk management  
• Data analytics for insurance and financial risk assessment 

Heriot-Watt University is the home of actuarial science in the UK.  We were the first university in the UK to offer a degree in actuarial science.  Now – each year – we help between 100 and 200 students gain the exemptions they need from actuarial Institute and Faculty of Actuaries' (IFoA) exemption subjects. 

Your Learning Environment

 In the MSc Actuarial Management programme, you will receive instruction from academic leaders and qualified actuaries, instructing through a variety of methods, including lectures, tutorials, practical sessions, and self-directed study. This approach fosters strong connections with our teaching staff and fellow students. 

Your assessments will include coursework, exams, and project work, with continuous feedback to aid in your development. 

Throughout your studies, you will have access to outstanding facilities, including: 

• Specialized software such as advanced Excel, R and Python to enhance your technical skills in modelling, data analysis, and simulation.  
• The Maths Gym: a physical space at our Edinburgh and Dubai campuses where students can book one-to-one support appointments or attend drop-in sessions and workshops. 
• Dedicated study spaces and PC labs for both independent and group work. 
• The Grid: A ground-breaking facility designed to create cohesion between leading academic research, business and entrepreneurship. 

Outside of the classroom, you can engage with fellow students through the Actuarial Society and events organized by the Mathematics Society. These opportunities will help you expand your professional network and continue your learning journey in the field. 

Your Actuarial Society 

Heriot-Watt has a very active Students' Actuarial Society which won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by you, the students. 

Customise Your Learning

 Becoming an Actuary in the UK: 

As an actuary, you specialize in risk management, often within the insurance sector. To qualify as an actuary in the UK, you must pass a series of exams administered by the Institute and Faculty of Actuaries (IFoA). 

First Set of Exams (Mathematical Material): 

The first set of exams includes CB1, CB2, CM1, CM2, CS1, and CS2. These exams cover subjects such as accounts, economics, financial/actuarial mathematics, and applied statistics. You can take accredited BSc and MSc programmes in Actuarial Science at Heriot-Watt University. The MSc in Actuarial Science provides a quicker route to exemptions, taking just one year to complete. 

Second Set of Exams (Real-Life Application): 

The second set of exams focuses on applying mathematical knowledge in real-life scenarios. These exams include CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9, all administered by IFoA. You can prepare for these practical challenges through Heriot-Watt University's MSc in Actuarial Management. Alternatively, there is an MSc in Actuarial Management with Data Science, which equips you with machine learning skills, increasingly valuable in the modern world. 

Accelerated Path to Qualification: 

If you are seeking an accelerated path to qualification, Heriot-Watt University offers a 2-year MSc in Actuarial Science and Management. In the first year, you cover CB1, CB2, CM1, CM2, CS1, and CS2 material. In the second year, you delve into CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9 subjects, with the option to choose a subset. Additionally, the university offers data science (machine learning) courses for students interested in expanding their skill set. 

Employability

Our Actuarial Mathematics and Statistics graduates have gone on to have incredibly successful careers. Our alumni include 26 CEO's, 5 past presidents of professional actuarial associations, C-suite executives and partners of consultancies, and several founders.

Average salary of graduates: £36,500 

Percentage working 15 months after graduating: 100%

Accreditation

Fully accredited programme with the Institute and Faculty of Actuaries (IFoA) in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6, SP7, SP8 and SP9.

HWU is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation.